Everyone knows there are a few topics that can make any conversation awkward in a heartbeat. Religion. Health. Politics. Death. But when it comes to the most difficult conversation you can possibly have, stats show one subject is avoided more than any other: Talking about money. Eight in ten women confess they have refrained from discussing their finances with those they are close to. Only 47% of women feel confident when talking about finances with a financial professional—compared to 77% who would be comfortable discussing medical issues with their doctor. Where does this disconnect come from? Why are women eager to learn more about money, and yet reluctant to discuss it?
Do you know what subject is avoided in conversation even more than death? Talking about money. Danielle Granger Nava thinks it’s time to change that. Here’s why: #worthitpodcast #womeninvesting #moneytaboo #starttheconversation Click To Tweet
[1:00] Women are better investors, it’s just a fact.
[2:15] Why is money a taboo subject for women?
[5:30] Women are talking about everything but cold, hard cash
[7:30] For women, investing is more about security and reaching long-term goals
[8:45] The first step to de-mystifying money is talking about it
[11:30] Advice does not come your way unless you summon it
[11:45] Being in the dark about finances has never helped anyone
[14:00] The financial future is female
[15:15] Frankly, my dear, you should give a damn…
[16:15] Ladies, let’s break down the money taboo
[17:45] Check out the Toujours Worth investing software
[19:45] Inspirations worth sharing
Ladies, you will talk about your ovaries, your husbands, and your sex lives, but not your paycheck? I know we have been told money is a taboo subject, but I’m over that. It’s really weird, for an issue that’s so important and creates so much stress, that we don’t ever tackle it in a head-on fashion. According to Fidelity, only 47% of women say they would be confident discussing money and investing with a financial professional on their own, 60% worry about not having enough money to last through retirement, and a whopping 80% admitted that they have refrained from discussing money with family and friends. Part of breaking this money taboo starts by talking to each other.
The good news is that women are poised to take charge of their financial lives. Fidelity has shown that the majority of women already have great self-discipline when it comes to saving for the future—and they can apply that discipline to investing. Women possess strong financial habits and are taking strides to get more engaged, including: 81% say they have become more involved in their long-term financial planning in the last five years, 74% say they are proactive about saving for the future, and 60% say they are more focused on the future than the present, when it comes to saving and spending. Fidelity’s customer data supports these positive savings habits, finding that women at every income level contribute a higher percentage of their salaries toward workplace retirement savings plans than their male counterparts.
The majority of women already have great self-discipline when it comes to saving for the future—and they can apply that discipline to investing. @DRGranger @showmeyournola #worthitpodcast #womeninvesting #money Click To Tweet
Being in the dark about finances has never helped anyone. As long as we are not talking about how much everyone is getting paid, there is no transparency, which is controversial. Think about it: it’s a lot harder to pay a woman less for the same work as a man if she knows it. Besides just taking charge of your own finances, remember that in doing so, you may also be helping someone else get the confidence and the knowledge they need. If you don’t want to think about how much you’re making, talk about how much the people underneath you are making. How much is that assistant or mid-level manager making? As a leader, you can bring value to those around you by knowing the reality of their situation.
Women today are constantly breaking through other taboos; and in doing so, have changed society. Many of our mothers and grandmothers marched in order to build a better world for us; some of us have marched with the same goal, for our daughters. Up next: let’s break the money taboo. To do this, the first step is to be confident in your worth. If you’re having trouble with the confident part then don’t be afraid to resort to the “fake it ’til you make it” strategy. I’m talking about faking the confidence, not the hard work & skill sets! When you understand and are confident in your worth, you can demand that. That doesn’t mean that you have to pound your fist into the table. It just means you won’t settle for less.
Many of our mothers and grandmothers marched in order to build a better world for us. Up next: breaking the money taboo. @DRGranger @showmeyournola #worthitpodcast #womeninvesting #money Click To Tweet
Ladies, you will talk about your ovaries, your husbands, and your sex lives, but not your paycheck? I know we have been told money is a taboo subject, but I’m over that. @showmeyournola #worthitpodcast #womeninvesting Click To Tweet
Being in the dark about finances has never helped anyone. As long as we are not talking about how much everyone is getting paid, there is no transparency. @DRGranger @showmeyournola #worthitpodcast #womeninvesting #money Click To Tweet
What if you had a clear formula to help you figure out how much to save… while paying down debt and enjoying life? It is possible… when you know your numbers.
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